Reports & Indices Current Affairs - 2019
This category comprises Current Affairs 2019-2020 related to various reports and indexes / indices by National and International Bodies and organizations such as World, Bank, World Economic Forum, NITI Aayog and various other educational and research organizations. We also place report highlights of various committees and commissions in this category.
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India was ranked 59th among 63 countries in the 2019 IMD World Talent Ranking released by International Institute for Management Development. This year, India slipped by 6 places as compared to 53rd rank in 2018 edition of this global annual list. India’s poor performance was on account of low quality of life and expenditure on education.
IMD World Talent Ranking
It is released annually by International Institute for Management Development (IMD), Switzerland based business school. It assesses the status and the development of competencies necessary for enterprises and the economy to achieve long term value creation.
The ranking of countries is based on the performance in three main categories– investment & development, appeal and readiness. These 3 categories assess how countries perform in wide range of areas such as cost of living, quality of life, education, language skills, apprenticeships, workplace training, remuneration and tax rates.
Highlights of 2019 Rankings
Top 10 Countries: Switzerland (1st), Denmark (2nd), Sweden (3rd), Austria (4th), Luxembourg (5th), Norway (6th), Iceland (7th), Finland (8th), the Netherlands (9th) and Singapore (10th). These top countries share strong levels of investment in education and a high quality of life. Moreover, Europe leads way in fostering best conditions for competitiveness in a skills-scarce global economy.
Top Asian Countries: Singapore, along with Hong Kong SAR (15th position), followed by Taiwan (20th) lead in terms of talent competitiveness due to the readiness of talent pool. In this edition of list, Singapore rose from 13th to 10th position compared to last year, Hong Kong SAR from 18th to 15th, and Taiwan from 27th to 20th.
BRICS countries: India is also lagging behind fellow BRICS countries – China ranked 42nd, Russia (47th) and South Africa (50th).
India’s Performance: It also witnessed one of harpest declines among Asian economies owing to low quality of life, negative impact of brain drain, and the low priority of its economy on attracting and retaining talents.
China: It was ranked in the lower half of the index. This year its rank slipped by 3 places due to low ranking on government expenditure per student, cost of living index and exposure to particle pollution.
Tags: Education • IMD World Talent Ranking • International Institute for Management Development • Switzerland
Ministry of Finance and Corporate Affairs constituted the Company Law Committee in September 2019. The Committee submitted its report to the Finance Minister on November 18, 2019.
Objective of the Committee
The Committee was constituted to decriminalize the Companies Act, 2013. This is being done to provide Ease of Living for Corporate in the country.
Recommendations of the Committee
- The committee has recommended amendments to 46 penal provisions associated with the law. The amendments are either to remove criminality or to allow rectification through alternate methods or to restrict punishment only to fine. Bottom line, the committee suggests to lenient punishments mentiones in the law
- The Committee has recommended to provide further easing of living for law abiding corporate.
- It also insisted on wider consultations during following decisions by the Ministry of finance
- Permitting appeals in NCLT against the orders of Regional Directors
- To review provisions on disqualification of directors
- Reviewing provisions that debars audit firms.
With World Institutions decelerating growth rates of India, every step towards the financial flow in the country is important. Though India is an agricultural Economy, majority of the contribution towards its GDP is from the service sector. Therefore, it becomes important to provide Ease of Living for the corporates to boost the growth rate.